Russell Investments Group Ltd. Acquires 75,844 Shares of Valley National Bancorp (VLY)

Russell Investments Group Ltd. lifted its position in Valley National Bancorp (NYSE:VLY) by 53.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 217,846 shares of the financial services provider’s stock after purchasing an additional 75,844 shares during the quarter. Russell Investments Group Ltd. owned 0.08% of Valley National Bancorp worth $2,625,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of VLY. American Century Companies Inc. boosted its holdings in Valley National Bancorp by 52.0% during the 2nd quarter. American Century Companies Inc. now owns 6,504,366 shares of the financial services provider’s stock valued at $76,817,000 after acquiring an additional 2,224,024 shares during the period. Principal Financial Group Inc. increased its position in Valley National Bancorp by 185.6% during the 3rd quarter. Principal Financial Group Inc. now owns 3,230,525 shares of the financial services provider’s stock valued at $38,928,000 after buying an additional 2,099,452 shares in the last quarter. Peregrine Capital Management LLC bought a new position in Valley National Bancorp during the 3rd quarter valued at approximately $9,222,000. Northern Trust Corp increased its position in Valley National Bancorp by 15.0% during the 2nd quarter. Northern Trust Corp now owns 5,870,281 shares of the financial services provider’s stock valued at $69,327,000 after buying an additional 764,098 shares in the last quarter. Finally, FMR LLC increased its position in Valley National Bancorp by 40.6% during the 2nd quarter. FMR LLC now owns 2,122,100 shares of the financial services provider’s stock valued at $25,062,000 after buying an additional 612,334 shares in the last quarter. Hedge funds and other institutional investors own 63.83% of the company’s stock.

Shares of Valley National Bancorp (NYSE:VLY) traded up $0.22 during trading hours on Thursday, reaching $12.03. 3,051,598 shares of the company were exchanged, compared to its average volume of 2,694,250. The company has a market capitalization of $3,180.00, a P/E ratio of 17.69 and a beta of 0.89. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.97. Valley National Bancorp has a 52 week low of $10.61 and a 52 week high of $12.82.

Valley National Bancorp (NYSE:VLY) last issued its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). Valley National Bancorp had a return on equity of 8.27% and a net margin of 19.91%. The business had revenue of $193.00 million for the quarter, compared to analyst estimates of $195.03 million. During the same period in the previous year, the company posted $0.16 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. equities analysts anticipate that Valley National Bancorp will post 0.68 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Shareholders of record on Friday, December 22nd were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.66%. The ex-dividend date was Thursday, December 21st. Valley National Bancorp’s payout ratio is 64.71%.

Several brokerages have commented on VLY. Piper Jaffray Companies upgraded Valley National Bancorp from a “neutral” rating to an “overweight” rating and set a $13.50 target price on the stock in a research note on Friday, January 5th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $13.00 target price on shares of Valley National Bancorp in a research report on Friday, September 29th. Zacks Investment Research upgraded Valley National Bancorp from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research report on Wednesday, September 27th. Finally, Royal Bank of Canada assumed coverage on Valley National Bancorp in a research report on Thursday, December 21st. They set an “outperform” rating and a $14.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $13.21.

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Valley National Bancorp Company Profile

Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending, Commercial Lending, Investment Management, and Corporate and Other Adjustments.

Institutional Ownership by Quarter for Valley National Bancorp (NYSE:VLY)

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